Question

BALANCE SHEET INCOME STATEMENT *Using the adjusted trial balance below: *Make the necessary adjustments *Prepare a balance sheet and income statement for the company. Adjustments Required A- Repair service of $3,000 has been completed but the invoices not received from the vendor B-$400 of office supplies were used in the month C- The company paid $1,000 on the note payable that included $300 of interest. Acct # Desc 1001 Cash 1020 AR 1030 PPD Rent 1040 Supplies 1050 Inventory 1100 NR 1110 Int Rec 1200 Office equp 1300 Accum Depn 2001 AP 2100 Sal Pay 2200 NP 2250 Interest Pay 2300 Def Rent Rev 3000 Common Stock 3500 RE 4000 Sales Rev 4500 Rent Rev 4600 Interest Rev 5000 COS 5100 Wage Exp 5200 Rent Exp 5300 Depn Exp 5400 Supples Exp 5500 Interst Exp 5600 Advertising Exp Unadjusted Adjustment 54,000 38,000 1,200 2,000 60,500 33,000 1,650 48,000 (21,800) (38,200) (6,500) (53,000) (2,800) (2.300) (50,000) (29,600) (247,000) (4,300) (1,650) 131,500 54,200 12.100 7,100 2,100 8,500 3,300 Adjusted 54,000 38,000 1,200 2,000 60,500 33,000 1,650 48,000 (21,800) (38,200) (6,500) (53,000) 2,800) (2,300) (50,000) (29,600) (247,000) 4,300) (1,650) 131,500 54,200 12, 100 7,100 2,100 8,500 3,300 Total

Need help making the income statement and balance sheet for accounting.

I would appreciate it if the math was also included, Thanks!

Answer 1

Income Statement of the Company contains information on Revenues and Expenses of the company.

xxxxx Co.
Income Statement
For the year ending xxxxxx
Revenues
Sales Rev	$             2,47,000
Rent Rev	4300
Inte. Rev	1650
Total Revenues	$             2,52,950
Expenses
COS	$             1,31,500
Wage Exp.	$                54,200
Rent exp.	$                12,100
Depreciation Expense	$                   7,100
Supplies Expense	$                   2,500
Interest Expense	$                   8,800
Advertising Expense	$                   3,300
Repair Exp.	$                   3,000
Total Expenses	$             2,22,500
Net Income	$                30,450

Balance Sheet of the Company contains information on Assets, Liabilities and Equity of the company.

xxxxx Co.
Balance Sheet
At xxxxxx
ASSETS	Amount	Amount
Current Assets
Cash	$      53,000
Accounts Receivable	$      38,000
PPD Rent	$         1,200
Supplies	$         1,600
Invetory	60500
NR	33000
Int. Rec	1650
Total Current Assets		$   1,88,950
Property, Plant & Equipment
Office Equipment	48000
Accumulated Depreciation	-21800
Net PP&E		$      26,200
TOTAL ASSETS		$   2,15,150
LIABILITIES & STOCKHOLDERS' EQUITY
Current Liabilities
Accounts Payable	$      41,200
Salaries Payable	$         6,500
Interest Payable	2800
Def. rent rev	2300
Total Current Liabilities		$      52,800
Notes Payable	$      52,300
Total Liabilities		$   1,05,100
STOCKHOLDER'S EQUITY
Common Stock	$      50,000
Retained Earnings	$      60,050
Total Equity		$   1,10,050
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY		$   2,15,150

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Notes

Before the adjusted trial balance is prepared, the adjustments will need to be booked and adjusted trial balance will need to be prepared.

	Unadjusted Trial Balance		Adjustments		Adjusted Trial Balance
Accounts Titles	Debit	Credit	Debit	Credit	Debit	Credit
Cash	54000			1000	53000
Accounts Receivable	38,000				38000
PPD Rent	1200				1200
Supplies	2,000			400	1600
Invetory	60,500				60500
NR	33,000				33000
Int. Rec	1,650				1650
Office Equipment	48000				48000
Accumulated Depreciation		21,800				21,800
Accounts Payable		38200		3000		41,200
Salaries Payable		6500				6,500
Notes Payable		53000	700			52,300
Interest Payable		2800				2,800
Def. rent rev		2300				2,300
Common Stock		50000				50,000
Retained EARNINGS		29,600				29,600
Sales Rev		247000				2,47,000
Rent Rev		4300				4,300
Inte. Rev		1650				1,650
COS	1,31,500				131500
Wage Exp.	54,200				54200
Rent exp.	12,100				12100
Depreciation Expense	7,100				7100
Supplies Expense	2,100		400		2500
Interest Expense	8,500		300		8800
Advertising Expense	3,300				3300
Repair Exp.			3,000		3000
Total	457150	457150	4400	4400	459450	459450

NO Amount Amount 53000 38000 1200 1600 60500 33000 1650 =SUM(N497:N503) 48000 -21800 KL 494 For the year ending xxxx | At xxxxxx 495 Revenues ASSETS 496 Sales Rev 247000 Current Assets 497 Rent Rev 4300 Cash 498 Inte. Rev 1650 Accounts Receivable 499 Total Revenues -SUM(K 496:6498) PPD Rent 500 Expenses Supplies 501 COS 131500 Invetory 502 Wage Exp. 54200 503 Rent exp. Int. Rec 504 Depreciation Expense 7100 Total Current Assets 505 Supplies Expense 2500 Property, Plant & Equipment 506 Interest Expense 8800 Office Equipment 507 Advertising Expense 3300 Accumulated Depreciation 508 Repair Exp. 3000 Net PP&E 509 Total Expenses -SUM(K501:K508) TOTAL ASSETS 510 Net Income =K499-K509 LIABILITIES & STOCKHOLDERS' EQUITY Current Liabilities Accounts Payable Salaries Payable Interest Payable Def. rent rev Total Current Liabilities Notes Payable 518 Total Liabilities 519 STOCKHOLDER'S EQUITY Common Stock Retained Earnings Total Equity 523 TOTAL LIABILITIES & STOCKHOLDERS' EQUITY =N506+N507 =0504+0508 511 513 41200 6500 2800 2300 =SUM(N512:N515) 517 52300 =0516+N517 tee 50000 -29600+30450 =N521+N520 =0522+0518